Municipal Acceptance Corp. v. Canole.

The plaintiff below, a Delaware corporation, appeals from a decree of the Circuit Court of Howard County dismissing its bill for an injunction against the respondent tax collector of that county. On June 1, 1932, appellant owned $60,000 in pledge orders theretofore executed by the city of Fayette to Fairbanks, Morse & Company in payment for certain Diesel engines and accessory equipment furnished by the latter on a so-called conditional sale contract for the city’s municipal electric plant. The pledge orders had been assigned to appellant by Fairbanks, Morse & Company along with its title to…